Wilmingtonbiz logo
Print
Retail

Hhgregg Closing Its Wilmington Location

By Vicky Janowski, posted Apr 10, 2017
The Hhgregg store in Mayfaire Town Center is one of hundreds the chain is closing nationwide. (Photo by Vicky Janowski)
Mayfaire Town Center’s Hhgregg location will close as part of the electronics chain’s decision to close all 220 of its stores across the country.
 
The Indianapolis-based retailer, which filed for Chapter 11 bankruptcy in early March, was unable to find a buyer by its deadline Friday and started a liquidation process over the weekend.
 
Hhgregg informed Mayfaire Town Center officials on Saturday of the situation, said Paige Somervell, spokeswoman for the shopping center. She added that the center did not have any more details about when the Wilmington store would close its doors for good.
 
Going out of business placards and signs announcing that items were 10-30 percent off hung around the store on Monday.
 
The chain expects to close all of its stores by the end of May, affecting as many as 5,000 workers nationwide.
 
The Mayfaire location opened in 2009 and takes up 28,000 square feet in the center, Somervell  said.

The lifestyle shopping center recently underwent an expansion adding additional building space and new tenants such as H&M.
 
Retailers nationwide are having a rough go with their brick-and-mortar stores, with some of those financial troubles affecting the Wilmington market and some glancing past the Port City for now.
 
Among the recent retail shutterings are the Kmart on South College Road and The Limited in Independence Mall – both casualties of national closure decisions for the brands. Other brands from Payless to Sears in recent months have announced store closings in the hundreds across the country though not in southeastern North Carolina.
 
Hhgregg, which sells consumer electronics, appliances and furniture, was not immune to the same pressures other brands invested heavily in physical stores are feeling, including competition from online shopping.
 
Since filing bankruptcy on March 6 “we have continued to fight for the future of our company,” Bob Riesbeck, president and CEO for Hhgregg, said in a statement about the announcement about the chain’s move to liquidate its assets.
 
“While we had discussions with more than 50 private equity firms, strategic buyers, and other investors, unfortunately, we were unsuccessful in our plan to secure a viable buyer of the business on a going-concern basis within the expedited timeline set by our creditors,” Riesbeck said.
 
The Hhgregg space, which sits in between Ulta and World Market at Mayfaire, will be marketed for a new user, Somervell said.
 
“Our leasing team is evaluating a number of potential replacement tenants,” she said.

Join The Discussion

Similar Stories

Ico insights

INSIGHTS

SPONSORS' CONTENT
Davidmcgowanapi300x300

2017: Energy in the Spotlight

David McGowan, III - N.C. Petroleum Council; American Petroleum Institute-NC
Billhunter300x300 b&w

If Social Media Is A Cocktail Party, Is Your Business A Wallflower?

Bill Hunter - Wilmington Design Company
Bankofamericaderekcohen 122316122315

Bringing Manufacturing Back To The U.S.

Derek Cohen - Bank of America Merrill Lynch

Book On Business

Bob2017

The 2017 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!
Print Only
$24.95 - Qty
Print + Excel File
$79.95 - Qty

In The Current Issue

Providers Link To NC HealthConnex

Novant Health, Duke Health and Carolinas HealthCare System recently signed agreements to connect to NC Health- Connex, the state-designated Health Information Exchange.

Funding Options Remain On The Table

Even in these days of tightening federal and state budgets, there is a piece of good news for small businesses that want to grow through exp...

Building Around Shipping Containers

As the regeneration of shipping containers accelerates globally, the Port City is about to enter the fray of using them for housing and offi...

Ico topnews Editor's Picks

For Soccer Fields, City Kicks Around Options, Including Echo Farms

Cece Nunn - Aug 18, 2017

With Revised Agreement, Water Street Deck Demolition Process Could Start Next Month

Cece Nunn - Aug 18, 2017

Midtown Business Expands With Julia's Events

Cece Nunn - Aug 17, 2017 Trending News

State Reports Annual Visitor Spending Amounts For Region

Christina Haley O'Neal - Aug 17, 2017
Personalized Products

Salon Beyond Basics

Ico trending Trending News

Ico newsinimages News in Pictures

Have a tip, pitch or guest column?  Send us a tip.

Gallery Galleries

Video Videos

Power Breakfast: Coach C.B. McGrath - June 2017
Wilmington's Most Intriguing People of 2016

Register to Continue Seeing Wilmington's Best Business Coverage!


There are three ways to register for free.

Sign in with LinkedIn, Facebook or create an account:



Already registered? Login here.

Your free registration includes:

  • Access to 10 articles per month on WilmingtonBiz.com
  • Email updates to stay informed on local business news
  • A mobile optimized website
  • Advanced notification of Business Journal events
  • Management of your digital and print subscriptions
Laptop iphone ipad